World champion in all formats, Magnus Carlsen of Norway starts as the top seed and hot favourite to retain his titles won last year at Dubai.
However, it will be a marathon contest with some of the best players of the world around.
Therapid championship will be played over 15 rounds with five rounds slated on each day in the three-day meet. The time control is 15 minutes for the entire game with a 10 seconds increment after every move is made.
Carlsen scored a resounding victory across all formats last time. The Norwegian defeated Anand in a world championship match under classical time control and wrapped both the rapid and blitz title in the championship held in UAE.
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The two bigwigs giving it a miss are US duo of Fabiano Caruana and Hikaru Nakamura, both of whom are busy competing in the Millionaire chess tournament at Las Vegas in the United States.
After Anand, India's best bet would be P Harikrishna, who will participate only in the blitz section. The Indian is currently close to winning the Poker Masters Chess tournament at Isle of Man in United Kingdom and will move here for the last two days.
Krishnan Sasikiran, B Adhiban, Vidit Gujrathi, S P Sethuraman and Surya Shekhar Ganguly are the other Indians in the fray here.
There is also prize money of USD 200000 (About Rs. 1.30 crore) at stake here in both sections. The winner in each section will take home USD 40000.